UPDATE: D.A. Davidson & Co. Upgrades Sims Metal Management; Lowers PT

According to a research report published his morning, D.A. Davidson & Co. has upgraded Sims Metal Management

from Underperform to Neutral, and lowered PT from $12 to $11.50. D.A. Davidson & Co. commented in the report, "Sims Metal Management indicated in an update that full year earnings for fiscal 2012 “will be materially less than 85% of the prior corresponding period.” This guidance excludes a goodwill impairment charge taken in 1H and includes an expected gain on the sale of a business in 2H (a $36 million gain). Fiscal 2011 earnings were A$0.93 per share, implying earnings materially less than A$0.79 per share for fiscal 2012. Softness in deep sea ferrous markets, weakness in ferrous scrap prices among other items were highlighted in the release." Sims Metal Management closed Friday at $10.81.